Meeting: Finance and IT Discussion Date: 28/07/2014
Agenda:
What weaknesses came through in the first half of the semester – and how can we improve on this?
Is there a new product/service that we could possibly introduce to help our business turnover?
Is there a product/service that we should take off our shelves because it really wasn’t a viable idea?
What can we do to move forward?
Discussion:
Weaknesses
Better tracking of financials (payments and incomes)
Utilize appropriate general ledger template
Integrate chart of accounts into each transaction within the general ledger
More time spent on pursuing potential clients
New product
For a new product, Alex suggested an outdoor personal training sessions which will cost the business $250 for the year (paid to the local council).
Massage services was suggested by Bejan, however the income did not seem sufficient to cover the potential costs for this service.
Product to be removed
The group debated the removal of the ‘12 Month Large-Business Membership’ which is only applicable for businesses with 50 or more employees, since there has been no purchases in this category and no interest has been shown. This has been denoted to the non-existence of such large organizations within our target demographics.
HOWEVER, due to the fact that offering such a package holds no real expense to the business, it was concluded that the product be offered for the remainder of the year, at which point such a discussion of its removal be re-assessed.
Moving Forward
Anthony proposed the possibility of expanding the organizations current commercial property to cater for increasing memberships. This expansion would also involve the purchasing of additional equipment.
This property expansion could also be carried out by the acquisition of another property.
Action Items:
Anthony: Pursue more clientele opportunities.
Karim: Investigate possible new commercial properties. Locally or interstate.
Meeting: Finance and IT Discussion Date: 28/07/2014 Agenda: - What weaknesses came through in the first half of the semester – and how can we improve on this? - Is there a new product/service that we could possibly introduce to help our business turnover? - Is there a product/service that we should take off our shelves because it really wasn’t a viable idea? - What can we do to move forward? Discussion: Weaknesses · Better tracking of financials (payments and incomes) · Utilize appropriate general ledger template · Integrate chart of accounts into each transaction within the general ledger · More time spent on pursuing potential clients New product · For a new product, Alex suggested an outdoor personal training sessions which will cost the business $250 for the year (paid to the local council). · Massage services was suggested by Bejan, however the income did not seem sufficient to cover the potential costs for this service. Product to be removed · The group collectively decided to remove the ‘12 Month Large-Business Membership’ which is only applicable for business with 50 or more employees, since there has been no purchases in this category and no interest has been shown. This has been denoted to the non-existence of such large organizations within our target demographics. Moving Forward · Anthony proposed the possibility of expanding the organizations current commercial property to cater for increasing memberships. This expansion would also involve the purchasing of additional equipment. · This property expansion could also be carried out by the acquisition of another property. Action Items: - Anthony: Pursue more clientele opportunities. - Karim: Investigate possible new commercial properties. Locally or interstate.
Date: 28/07/2014
Agenda:
Discussion:
Weaknesses
New product
Product to be removed
Moving Forward
Action Items:
Meeting: Finance and IT Discussion
Date: 28/07/2014
Agenda:
- What weaknesses came through in the first half of the semester – and how can we improve on this?
- Is there a new product/service that we could possibly introduce to help our business turnover?
- Is there a product/service that we should take off our shelves because it really wasn’t a viable idea?
- What can we do to move forward?
Discussion:
Weaknesses
· Better tracking of financials (payments and incomes)
· Utilize appropriate general ledger template
· Integrate chart of accounts into each transaction within the general ledger
· More time spent on pursuing potential clients
New product
· For a new product, Alex suggested an outdoor personal training sessions which will cost the business $250 for the year (paid to the local council).
· Massage services was suggested by Bejan, however the income did not seem sufficient to cover the potential costs for this service.
Product to be removed
· The group collectively decided to remove the ‘12 Month Large-Business Membership’ which is only applicable for business with 50 or more employees, since there has been no purchases in this category and no interest has been shown. This has been denoted to the non-existence of such large organizations within our target demographics.
Moving Forward
· Anthony proposed the possibility of expanding the organizations current commercial property to cater for increasing memberships. This expansion would also involve the purchasing of additional equipment.
· This property expansion could also be carried out by the acquisition of another property.
Action Items:
- Anthony: Pursue more clientele opportunities.
- Karim: Investigate possible new commercial properties. Locally or interstate.